The company listed 2.5bn shares at N100 a unit on the Main Board of the Nigerian Exchange (NGX) on Wednesday, October 5, 2022. Geregu is the first GenCo to be listed on the NGX Main Board, a segment for well-established companies with demonstrable records of accomplishments.
Investors King reported on Monday that the company planned to list on the stock exchange today.
Geregu entered the Exchange with a market capitalisation of N250 billion and with an international securities identification number (ISIN) – NGGEREGU0000.
Geregu Power, a leading power generation company (GenCo) in Nigeria, was listed under the utilities sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU.
The listing has now added N250 billion to the liquidity of the Nigerian Exchange Limited and provides more opportunities for wealth creation.
Commenting on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.” He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”. Nigerian Exchange Limited continues to evolve in order to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness.
On his part, Chairman, NGX, Mr. Abubakar Mahmood SAN, OON, said, “We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our Main Board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
“A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders. It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”
Mr. Temi Popoola, the Chief Executive Officer, NGX, highlighted the significance of the listing to the entire nation.
He said, “Today’s listing is a promising development in the country’s power sector and we are delighted to welcome Geregu Power Plc to the Exchange. Having Geregu listed in our market is proof of NGX’s commitment to building a robust and inclusive market and creating avenues for sustainable investment.
“This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development. As a listing platform of choice, we are committed to working with companies at various stages of growth to explore the different opportunities in the capital market to meet their business objectives.”
Stock Investors Gained N292 Billion Last Week
A total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.
Investors in the Nigerian Exchange Limited (NGX) gained N292 billion last week as thirty-one equities led by Axamansard Insurance closed in the red.
During the week, a total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.
The Financial Services Industry led the activity chart with 487.150 million shares valued at N4.229 billion traded in 7,527 deals. Therefore, contributing 70.16% and 48.80% to the total equity turnover volume and value, respectively.
The Conglomerates Industry followed with 61.896 million shares worth N77.471 million in 396 deals. The third place was the Consumer Goods Industry, with a turnover of 40.042 million shares worth N1.243 billion in 2,713 deals.
Access Holdings Plc, Transnational Corporation Plc and Fidelity Bank Plc accounted for 232.923 million shares worth N1.237 billion in 1,316 deals and contributed a combined 33.54% and 14.27% to the total equity turnover volume and value respectively.
The NGX-All Share Index appreciated by 1.22%, or 535.97 index points from 43,956.76 index points recorded in the previous week to 44,492.73 index points last week
Market Capitalization of all listed equities also rose by 1.22% to close the week at N24.234 trillion, up from the N23.942 trillion it closed in the previous week.
Similarly, all other indices finished higher with the exception of NGX Insurance, NGX Consumer Goods, NGX Oil & Gas, NGX Lotus II and NGX Industrial Good, which depreciated by 1.34%, 1.05%, 0.84%, 0.19% and 0.66% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.
Thirty-one equities appreciated in price during the week, higher than twenty-seven equities in the previous week. Thirty-three equities depreciated in price lower than thirty-six in the previous week, while ninety-three equities remained unchanged, lower than ninety-four equities recorded in the previous week.
The year-to-date gain improved to 4.16%. See the details of top gainers and losers below.
Nigerian Breweries Shareholders May Receive N85 Billion in Bonus Shares
Nigerian Breweries shareholders have been recommended to receive bonus shares worth approximately N85 billion from the company.
This was revealed following a regulatory filing over the weekend. The board of NB stated that in order to comply with the Corporate Affairs Commission’s directive for companies to remove unissued shares from their books, a bonus issue of one ordinary share of 50 kobo each will be issued to shareholders in the register of members at the close of business on Tuesday, December 06, 2022.
It also stated that the bonus shares with a nominal value of N1.03 billion will be issued from the company’s share premium account, which had a balance of N77.5 billion and N84 billion as of October 31, 2022, according to the 2021 audited report and accounts.
Shareholders are expected to consider and approve an increase in the company’s share capital from N5 billion to N5.138 billion through the issuance of an additional 276.132 million ordinary shares of 50 kobo each, with such new shares ranking equally with the existing ordinary shares in the company’s share capital.
The Extraordinary General Meeting is also expected to direct the board to amend the company’s Memorandum of Association in accordance with the resolutions, as well as to give the board the authority to carry out any other acts, deeds, or things they deem necessary to give effect to the resolutions, such as signing or authorizing the signing of all relevant documents and appointing any necessary professional adviser; and that all previous actions taken by the director be reversed.
A resolution authorising the capitalization of N1.028 billion from the share premium account for the payment of bonus shares of 2.055 billion shares to be distributed among members in the proportion of one new share for every four shares held is also expected to be approved by shareholders in accordance with Article 129 of the company’s Articles of Association.
Unity Bank Posts 36% Gain as NGX Closes in Red Last Week
Investors traded 1.101 billion shares worth N11.714 billion in 15,697 deals, in contrast to a total of 1.410 billion shares valued at N15.510 billion that exchanged hands in 19,025 deals in the previous week.
The Nigerian Exchange Limited (NGX) extended its fourth-quarter decline to 10.31% last week as the uncertainty surrounding the naira redesign deepened.
During the week, investors traded 1.101 billion shares worth N11.714 billion in 15,697 deals, in contrast to a total of 1.410 billion shares valued at N15.510 billion that exchanged hands in 19,025 deals in the previous week.
The Financial Services Industry led the activity chart with 859.019 million shares valued at N6.691 billion traded in 8,157 deals. Therefore, contributing 78% and 57.12% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 96.989 million shares worth N109.622 million in 425 deals. In third place was the Oil & Gas Industry, with a turnover of 40.897 million shares worth N367.117 million in 1,065 deals.
Access Holdings Plc, Sterling Bank Plc and Transnational Corporation Plc were the three most traded equities during the week. The three accounted for a combined 577.512 million shares worth N2.761 billion that exchanged hands in 1,132 deals and contributed 52.44% and 23.57% to the total equity turnover volume and value, respectively.
The NGX All-Share Index depreciated by 0.68% from 44,269.18 index points recorded in the previous week to 43,968.75 index points last week. The market value declined by N163 billion to N23.949 trillion, down from the N24.112 trillion it closed in the previous week.
Similarly, all other indices finished lower with the exception of NGX Banking, NGX-AFR Bank Value, NGX AFR Div. Yield and NGX MERI Value, which appreciated by 0.17%, 0.38%, 1.10% and 0.20% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.
Twenty-seven equities appreciated in price during the week, higher than twenty equities in the previous week. Thirty-six equities depreciated in price lower than fortythree in the previous week, while ninety-four equities remained unchanged, same as ninety-four equities recorded in the previous week.
The Exchange year to date moderated to 2.93%.
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